The Tax-Free Savings Account (TFSA) is the newest tax-advantage savings vehicle. Introduced in 2009, it is available to all Canadian residents age 18 or older. The TFSA can be used for both short and long term savings goals. Contributions you make to a TFSA are NOT tax deductible. However, all growth regardless of how it was earned (ie, interest, dividends or capital gains) is tax free. Any unused room can be carried forward to future years and any funds withdrawn results in your TSFA contribution room being returned to you to be used again at a later date.
TFSA Contributions
TFSA Taxation
Spousal TFSA and Transfer Rules
TFSAs vs RRSPs